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Quantum Earnings Could Decide Whether the Sector’s Sell-Off Has Gone Too Far

Authored by Nathan Reiff. Publication Date: 7/31/2026.

The first week of August 2026 will be another major test for the quantum computing industry, as several leading companies are scheduled to release their second-quarter 2026 earnings. Heading into earnings season, it's understandable that investors would be skeptical—shares of pure-play quantum computing firms have been slammed throughout much of the year, with shares of leaders such as IonQ Inc. (NYSE: IONQ) and D-Wave Quantum Inc. (NYSE: QBTS) falling approximately 25% and 35% year to date (YTD), respectively.

In recent weeks, it has appeared that the appeal of speculative, pre-profit quantum names has cooled considerably. This came even as some firms in the space posted better-than-expected results for the first quarter of the year. One question investors may seek to answer heading into earnings is whether any of these firms has had a large enough catalyst to reverse the industry-wide downward trend. IonQ and D-Wave both have promising developments that could help in this respect, although neither is likely to be reflected directly in second-quarter earnings.

IonQ's SkyWater Acquisition May Provide a Boost

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IonQ announced in January 2026 that it intended to acquire SkyWater Technology (NASDAQ: SKYT), a major domestic semiconductor foundry. The acquisition recently received final regulatory approval and closed on July 31. The deal should dramatically accelerate IonQ's capacity to build quantum chips while strengthening its domestic supply chain. This may be transformational, as it allows the company to complete the full scope of its production with less reliance on imported goods and any applicable tariffs.

How this might be reflected in the company's upcoming earnings, however, is unclear. The deal's most significant financial impacts are likely to appear in future quarters, but IonQ management may use the earnings call to share key updates about its plans to integrate SkyWater's operations. Those updates could give investors insight into what to expect in the coming months.

Otherwise, investors will likely be watching to see whether IonQ can continue its positive revenue trend, which stood at 755% year-over-year (YoY) growth in the first quarter. The company established itself as one of the fastest-growing pure-play quantum firms in terms of sales at that point, so it will be imperative that it continue—or, ideally, improve—that revenue trajectory in the second quarter.

D-Wave's Major Agreement With AT&T Shows a New Path

While IonQ's first-quarter results were strong in multiple respects, D-Wave's stood out for less positive reasons. The company saw a sharp year-over-year decline in revenue due to lumpiness in large system sales and came in well below analyst expectations for the quarter. Still, with bookings up significantly and a healthy pipeline, D-Wave may be poised for a turnaround in the second quarter.

D-Wave has set itself apart with its two-pronged approach to quantum technology, a feature that has been promising but has yet to translate into distinctive revenue performance compared with other quantum firms. The recent announcement of the company's agreement with AT&T (NYSE: T), however, may signal a change. AT&T plans to use D-Wave's annealing technology to help power its agentic AI tools. The company has announced that early applications have reduced certain processing times from one hour to less than 15 seconds, so the potential for transformation is massive.

The key development, however, may be that AT&T is also evaluating D-Wave's gate-model technology for a separate set of potential applications involving quantum security and communications. This suggests a path forward for the company in which it can provide two distinct sets of quantum tools with different applications that may appeal to the same customers, helping the firm stand out in the quantum space and driving customer retention.

Rigetti's Mounting Costs Remain a Concern

Rigetti Computing (NASDAQ: RGTI) has been hit hardest among these three companies, with shares falling nearly 40% YTD. A major issue facing the company is rising costs. In the first quarter of 2026, operating expenses surged to more than $27 million, leading to a non-GAAP net loss of almost $15 million. With costly fab upgrades and other capital expenditures (CapEx) anticipated throughout the year, this could remain a challenge for the company's future earnings.

Still, Rigetti's revenue growth has been solid, and the company has already made it clear that it will include a portion of its Novera QPU revenue in its second-quarter earnings. The question will be whether revenue growth is sufficient to overcome investor concerns about costs for the remainder of the year.